The best advice for buying or selling a business

Whether you're looking to buy a business or you're in the market to sell, today's guest has you covered. Kobi Simmat is a business coach, entrepreneur and the author of How To Build A Business Others Want To Buy. After successfully growing and selling his own businesses, he's learned some top tips every business owner should know.He joins us this week to share just what it takes to differentiate your business from its competitors and set it up for a successful sale. He delves into the tax implications and best timings for sale, plus explains the most common mistakes entrepreneurs make and what makes a business worth buying.Tune in to learn his top tips for buying or selling a business, and the importance of building an exit strategy into your business from the very beginning.Topics covered in this podcast episodeIn this episode, Kobi explores:1. The financial implications of buying or selling a business Understanding the value of the business How to maximise profit post-sale Current market trends in business valuations - when is the best time to buy or sell? Why timing is everything and can depend on your age The problem with investor funding and raising capital
2. Navigating the negotiation process Protecting your interests - the importance of skilled advisors for optimal business sale Business valuations and market pricing: Strategies for selling in the current climate Tax considerations in business sales
3. Crafting the perfect exit strategy Importance of having an exit strategy and business continuity plan Ensuring financial stability and succession How to build a business with potential for future saleability Characteristics of ideal businesses for investment – why recurring revenue matters Overcoming the fear of rejection: Empowering small business owners in pricing
Episode timestamps [02:21] Kobi’s journey to self-made entrepreneur. [05:12] The keys to a successful side hustle - repeatable and profitable [08:01] Forget fear of rejection - price is the simplest way to differentiate quality [12:25] About the book: How To Build A Business Others Want To Buy. [16:09] What makes a business worth buying? Metrics, profitability, recurring revenue [21:40] Common small business mistakes: avoiding tax, unprofitable expenses [26:02] Effective ways to market a business to attract the best potential buyers [28:12] What makes a business attractive to a potential buyer [31:43] Negotiating the right price when buying or selling a business [36:57] Timing and tax implications when selling a business – why your age matters [43:05] The problem with investor funding and raising capital